Spectrum's Home Equity Line of Credit is a revolving line of credit with a fixed limit determined by your credit and your home's value.
It can be used for any number of purposes, such as debt consolidation, home improvements, emergency expenses, and tuition.
Similar to a credit card, the line has a fixed credit limit, and interest accrues only on what is used. It is a variable rate loan, so the interest can adjust (up or down) monthly.
Funds can be accessed by using a Visa Platinum Equity Card, writing equity checks, or transferring funds online to another Spectrum account through PC Access.
The line can be tapped for 10 years. Following that you will be put on a 15 year repayment schedule for any remaining balance.
Home Equity Line of Credit – 10 Year Draw/15 Year Repayment